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ABF | ABF 401K Converting to Teamsters-National 401K Savings Plan

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Jeff said:
Debt free, what it means to me...

It means I can eat anywhere I want anytime I want, go on vacation when I can get off and go about anywhere I want anytime I have the time to do so.
My wife does not have to work and is happy to get me a beer when my glass is empty and never act like she is doing me a favor (I treat her good)
I can jump in my 2004 31 foot motorhome whenever I want and fill the 55 gallon tank up and go and not worry about having to work 70 hours next week to make it up.

It means I can pass two days like I did this week and not have to worry if I have the money to do so comfortably.

It's all about what is important to you... You either got money or things, I have a little money, a few things but plenty of time :)
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Great post Jeff.
 
The expenses associated with Prudential on this 401k are an outrage. We have been done the hard way by the IBT again. Anyone with money in it needs to review it and act accordingly. I did not sign up for it under these terms and it's not right that we're stuck with it. There should be legislation to stop this from happening to us.
 
Double Barrel said:
My understanding is ABF pays all the expense fees on ABF employee's 401K. The management fees in the different funds can vary.
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Can you point me towards where that is spelled out? It is not my understanding but I hope you are right.
 
I called Transamerica when I retired and asked if I should move the account as there would be expenses. They told me ABf picks up all the expenses to hold the accounts for employee's, but the management fees that the funds charge each years comes out of those funds that I or any ABF employee hold to run those funds.
 
ABFer said:
The expenses associated with Prudential on this 401k are an outrage. We have been done the hard way by the IBT again. Anyone with money in it needs to review it and act accordingly. I did not sign up for it under these terms and it's not right that we're stuck with it. There should be legislation to stop this from happening to us.
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You mean you don't trust the IBT?
 
How bout we Take a withdrawal card, then invest our dues money in the teamster 401k. It's a win win for both parties
 
Everyone works hard for their money,so put as much as you an afford to day for the future. Investing in a 401K helps lower your taxes,puts money away first before you spend it, and will give you that you dream of later, not just today.
 
Double Barrel said:
I called Transamerica when I retired and asked if I should move the account as there would be expenses. They told me ABf picks up all the expenses to hold the accounts for employee's, but the management fees that the funds charge each years comes out of those funds that I or any ABF employee hold to run those funds.
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Ding, ding, ding we have a winner, take a look at those fees, they are all listed on the first mailing we got. And if you have money in the brokerage and you trade stocks at all hold on tight when you read those fee.
 
Rollin62 said:
You mean you don't trust the IBT?
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Rollin62 said:
How bout we Take a withdrawal card, then invest our dues money in the teamster 401k. It's a win win for both parties
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Rollin62 said:
Seemed like a good investment to me
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Trollin62, you are a jackass. Not violating the rules but still a jackass. You have nothing of value to offer, nobody cares for your presence here and you fail to see it. If that's not a jackass I don't know what is.

And let's see how many likes we can get for this post.
 
Homesick said:
FYI, sometimes it is not mathematically beneficial to pay down or off mortgages. Since you say mortgages I assume you have rental property. But even if you don’t, tax deductable interest is a way of reducing your tax liability. Also, if your interest rate is low, you may be beating the inflationary effect.
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oh i WISH it was a rental! I pay my mortgage and my Mother In Law's mortgage...
 
Homesick said:
That dependents on your financial situation. As a road driver, I get to deduct the meal expense from my taxes. Only sometimes that expense is less than my standard deduction. But when added to my mortgage deduction it becomes greater and reduces my tax burden. Also, I agree with you, SuperCourse and Jeff that being debt free is great for the peace of mind but my mortgage rate is 3%. And so far this year the R.O.R on my I.R.A accounts are 17.09%. ABFer if you ever see an ABF road driver with financial information written on the back of his logbook, it is probably me. I write how much I have in each I.R.A. account on the back of my logbook every Saturday. It helps me keep up with how much I have in each account and see any trends.
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Since when is it better to pay the bank 200.00 to save 100 on taxes
 
It is better to pay a bank $200 to save $100 when you are making $300 on the loan (ebitda). Take ABF’s purchase of Panther as an example. Or when you can borrow the money while making revenue on your money, an example would be buying a car at no interest while taking the purchase price and putting it in a savings account that earns interest.
I believe there is “good debt” but if you don’t, then you must be a renter instead of a home owner. Unless you are one of those people who save up to buy a home in which case you paid rent instead of paying that “good debt” (home loan). In that case I applaud you for your convictions but I point out that your home would have been bought sooner and the probable cost less if you had borrowed using that “good debt.”
 
Homesick said:
It is better to pay a bank $200 to save $100 when you are making $300 on the loan (ebitda). Take ABF’s purchase of Panther as an example. Or when you can borrow the money while making revenue on your money, an example would be buying a car at no interest while taking the purchase price and putting it in a savings account that earns interest.
I believe there is “good debt” but if you don’t, then you must be a renter instead of a home owner. Unless you are one of those people who save up to buy a home in which case you paid rent instead of paying that “good debt” (home loan). In that case I applaud you for your convictions but I point out that your home would have been bought sooner and the probable cost less if you had borrowed using that “good debt.”
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I am buying, but trying to get it done sooner than later, as it is my only debt.
I hear your theories, but the math doesn't fail. Examine this simple example and I urge to point out fault with it. I streamlined the numbers to simplify it.

John Smith has a mortgage payment of $1000 or $12000 per year.
He is at the point where 40% is going to principal, escrow, taxes etc and 60% goes to interest.
The interest total is $7200
John has a tax rate of 30% giving him a tax break of $2160
If he didn't have the debt he would pay $3600 tax on the $12000 leaving him $8400 rather than spending $9840

How is this a good debt?
 
RickyRicardo said:
I am buying, but trying to get it done sooner than later, as it is my only debt.
I hear your theories, but the math doesn't fail. Examine this simple example and I urge to point out fault with it. I streamlined the numbers to simplify it.

John Smith has a mortgage payment of $1000 or $12000 per year.
He is at the point where 40% is going to principal, escrow, taxes etc and 60% goes to interest.
The interest total is $7200
John has a tax rate of 30% giving him a tax break of $2160
If he didn't have the debt he would pay $3600 tax on the $12000 leaving him $8400 rather than spending $9840

How is this a good debt?
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He has the house.
 
jimmy g said:
He has the house.
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I have the house, too. Maybe I should have clarified what I meant by good or bad debt. I just don't believe the words "good" and "debt" should ever be used together.
Maybe I just hate owing money.
 
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